CEBS: GBA/RPA 3 (new curriculum)
Questions & Answers (RATED A+)
ERISA - ANSWEREmployee Retirement Income Security Act 1974
SOC Reports - ANSWERService Organization Controls: for external vendors
SOC 1 - ANSWERInternal Controls & Financial reports; used by auditors
SOC 2 - ANSWERSecurity, availability, processing integrity, confidentiality and privacy controls;used
by management, regulators, and others under an NDA
SOC3 - ANSWERSame as SOC2, but available for public use.
Tribble V Edison - ANSWERLandmark court case re fiduciary responsibility pertaining to
reasonableness of fees. Also, allowed 6 yr statute of limitations to be based on most recent time fees
were applied rather than when fund was added. Greater exposure for plan sponsor.
SPD-renewals - ANSWERRenew every 10 yrs, every 5 years if changes; provide to ppts no later than
210 days after plan year in which changes were made ends.
QLAC - ANSWERQualified Longevity Annuity Contract; individual purchases contract. Allows
individual to delay withdrawing money from retirement account. Must start by distributions by age
85; Amt of QLAC is not included in amount determined for an RMD
Plan document should include: - ANSWER(a) The name(s) of the plan fiduciary(ies)
(b) Policies and procedures relating to plan administration
(c) Funding requirements
(d) A description of how benefit payments will be made
(e) Claims and appeals procedures
(f) Plan amendment and termination authority and procedures
, (g) Method for distribution of plan assets upon plan termination
(h) A statement that plan assets can be used to pay reasonable costs of plan
administration.
Plan Document - ANSWERNo set requirements; include plan name, fiduciary, claims review
procedures; funding; eligibility
Summary of Material Modification (SMM) - ANSWERMust be delivered within 210 days after the end
of the plan year, or within 60 days after a "material reduction" in benefits of a group health plan.
penalty up to $110/day for not delivering within 30 of ppt/beneficiary's request
Social Insurance-Fully Insured - ANSWER40 credits/quarters of coverage
1 credit for each $x earned (2017-$1300)
Adjusted for inflation
Must be fully insured to be eligible for retirement benefits
Currently Insured - ANSWERAt least 6 credits in last 13 calendar quarters ending with quarter of
death, disability, or entitlement to retirement benefits.
Disability Insured - ANSWERTwo work tests: 1) recent work test; depends on age at disability. and
2)duration of work test (doesn't require work within a certain period of time)
FASB ASC 960 - ANSWERDefined Benefit Plans; establishes the accounting and financial reporting
standards.
Under DOL
ERs can file one set
FASB ASC 960-which plans - ANSWERAll ongoing plans-Funded and Unfunded that provide pension
benefits
a) plans subject to ERISA
b) plans not subject to ERISA
c) plans without intermediary funding agencies or plans financed through trusts, contracts of
insurance or a combination thereof
DOES NOT APPLY to gov sponsored SS plans
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